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Kinder Morgan profit, cash flow rise on Gulf Coast Express pipeline strength

Wed, 01/22/2020 - 17:07

The pipeline, which can transport 2 billion cubic feet per day (bcfd), came into service in September when drillers were burning off natural gas at record rates due to lack of transportation capacity from the shale-rich Permian Basin. Earnings from natural gas transport volumes rose 14% and from NGL transport volumes jumped 23% from a year earlier.


4 Top Stock Trades for Thursday: BA, APHA, JD, SPCE

Wed, 01/22/2020 - 17:05

Coronavirus, shmoronavirus. The market just doesn't care, with the S&P 500 hitting another new all-time high on Wednesday. That said, let's look at a few top stock trades for Thursday. Top Stock Trades for Tomorrow No. 1: Boeing (BA)Source: Chart courtesy of StockCharts.comBoeing (NYSE:BA) shares remain under pressure, as its 737 MAX woes continue to weigh on investor sentiment. Now though, the stock is breaking through critical range support.Over the past 18 months, only the market-wide, fourth-quarter meltdown was enough to take BA stock below $320 range support. For the past year, any negative 737 MAX news was met by buyers near this mark -- until now.InvestorPlace - Stock Market News, Stock Advice & Trading Tips$320 support gave way this week, and now BA is knifing through its 150-week moving average. For many, BA is a no-touch. That is, until it reclaims $320 range support, or gets to a lower price. In the event of more downside, let's see if BA revisits the 2018 Q4 lows between $285 and $290. * 10 Stocks to Buy as the 2020 Presidential Election Approaches Below puts the 200-week moving average near $265 on the table. Top Stock Trades for Tomorrow No. 2: Aphria (APHA)Source: Chart courtesy of StockCharts.comAphria (NYSE:APHA) stock was one of two cannabis plays that I liked coming into 2020, along with Canopy Growth (NYSE:CGC). APHA is moving nicely on the day, up nearly 8%.The stock is hitting its highest level since it closed at $5.50 on Dec. 13, as it breaks out over that same price and continues to gain after pushing through downtrend resistance (purple line).Bulls would love to see APHA power through the 200-day moving average, although it may very well act as resistance on its first test.If Aphria shares pullback, bulls need to look for two areas of support. The first is $5.50, which had been resistance for months, while the second is the 50-day moving average and uptrend support (blue line). Below, and $4.50 is back on the table. Top Stock Trades for Tomorrow No. 3: JD.com (JD)Source: Chart courtesy of StockCharts.comAbove is a multi-year, weekly chart of JD.com (NASDAQ:JD), which shows the impressive bullish volume in the stock over the past few quarters. The stock hammered out a nice bottom near $20 in late 2018, and has been working higher ever since.For most of 2019, JD.com was setting up in a beautiful long-term ascending triangle. That's where rising uptrend support (blue line) squeezes a stock against a static level of resistance. The latter came into play near $32 and the 200-week moving average.Bulls got what they were looking for in the form of a big-time breakout. JD has since reclaimed $36, and continues to rise. If it can maintain this week's gain, investors are looking at a bullish, engulfing candle -- suggesting more upside could be in store. * 7 Energy ETFs to Buy for a Rebound in 2020 Over $42, and the $44 to $46 range is on the table. Historically, JD.com has struggled above this area. Above it, and $50 is possible. Below $39, and perhaps we can get a test of $36. Should the market really unravel, I'd love to scoop JD up at $32. Top Stock Trades for Tomorrow No. 4: Virgin Galactic (SPCE)Source: Chart courtesy of StockCharts.comYou want to talk about volume, though? Just check out the profile on Virgin Galactic (NYSE:SPCE). This stock continues to erupt higher and higher, leaving the stratosphere.We flagged the stock on its breakout over $12, paving the way to some tremendous gains, although I have been more cautious on the name north of $15. Like I said then, there could certainly be more upside, but no way can we be buyers here near $20 when SPCE was at $11 just a few days ago.Maybe we can buy a pullback, if there are signs that bulls still have momentum. Otherwise, we could see this one blow its top off and then fizzle.Bret Kenwell is the manager and author of Future Blue Chips and is on Twitter @BretKenwell. As of this writing, Bret Kenwell is long APHA. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 10 Stocks to Buy as the 2020 Presidential Election Approaches * 5 Dividend Stocks With Low Payout Ratios and High Yields * 4 Post-Holiday Retail Stocks Still Worth a Look The post 4 Top Stock Trades for Thursday: BA, APHA, JD, SPCE appeared first on InvestorPlace.


Why Tyson Foods pulled its Beyond Meat investment

Wed, 01/22/2020 - 16:57

Plant-based meat is all the rage, and protein giant Tyson Foods plans to fully compete in the space.


Canada justice dept. lawyer says Huawei exec committed fraud

Wed, 01/22/2020 - 16:42

A Canadian justice department lawyer said Wednesday that fraud, not sanctions, is the crucial element for a judge to consider when deciding if a senior executive of Chinese tech giant Huawei should be extradited to the United States. This week's hearings deal with the question of whether the U.S. charges against Meng Wanzhou are crimes in Canada as well. Washington accuses Huawei of using a Hong Kong shell company to sell equipment to Iran in violation of U.S. sanctions.


5G will be in every metro area in the US by the end of 2020: Qualcomm president

Wed, 01/22/2020 - 16:40

Qualcomm President Cristiano Amon says every U.S. metro area will have 5G connectivity by the end of 2020.


Aurora Cannabis Could Recover in 2020 if the Stars Align

Wed, 01/22/2020 - 16:25

The Canadian cannabis sector has never marketed itself as a stable, worry-free opportunity. However, some names are worse than others -- as is the case with Aurora Cannabis (NYSE:ACB). Once a bright spot in legal marijuana due to its massive international footprint, ACB stock plummeted in 2019 as fiscal concerns weighed more heavily than the company's potential opportunities. With shares off to a rocky start to 2020, is there any hope here?Source: Shutterstock Investors have every right to be concerned. Since the last session of 2019, ACB stock appeared determined to kill every holding hands' patience. At one point, the markets feared that shares could fall below $1. However, some positive notes -- or at least, non-overtly negative notes -- brought some life back into the embattled shares.In a note to clients, Cowen analyst Vivien Azer described attending an investors conference, where Aurora Cannabis' management team disclosed that it was working with creditors to restructure its debt. Also, Cantor Fitzgerald analyst Pablo Zuanic called for the company to find a better CEO.InvestorPlace - Stock Market News, Stock Advice & Trading TipsClearly, ACB stock can use any help that it can get, and these suggestions are steps in the right direction. But, will it be enough to convince observers to speculate on the company? * The Top 5 Dow Jones Stocks to Buy for 2020 If you're even mildly risk averse, ACB stock is not for you. Although I see optimistic catalysts for the organization and the industry, time is the biggest enemy; And don't mistake the present situation: although management is trying to restructure its debt, what they're really asking for is more digits on the clock.If they get it, ACB stock could fly higher in 2020. However, as with anything cannabis related, that's a big "if." The Possible Case for a Recovery in ACB StockBefore we get into it, let's reiterate once again: Aurora Cannabis is only for speculators at this point. While it has a chance for recovery, many things have to go right -- and in time.With that out of the way, the catalyst for ACB stock is the possible improvement of the Canadian cannabis market's supply-chain issues and licensing backlogs. Specifically, Canada needs to approve more cannabis retail outlets and dispensaries to effectively feed demand. Failing that, it needs to feed demand based on efficiency metrics.Interestingly, Azer pointed out that Aurora's disappointing fiscal first-quarter revenue was at least partially attributable to "congested channel inventory…from initial inventory loading in anticipation of Ontario opening additional locations that has yet to occur."Importantly, this channel-inventory congestion isn't a lame excuse. In the third calendar quarter of 2019, Ontario had over two million adult cannabis users. However, it only had 75 stores open to serve this demand. Put differently, there are nearly 27,000 users per each store. Click to Enlarge Source: Chart by Josh Enomoto Unfortunately, this metric just won't do. Currently, Canada has nearly 5.2 million cannabis users total and only 363 stores nationwide. Doing the simple math, this breaks down to 14,318 stores per one cannabis user.Now, this last figure pales in comparison to the state of Colorado: it has approximately one store per every 10,000 residents! Be that as it may, the issue with the Canadian province of Ontario is that compared to other provinces, it's incredibly inefficient. Of course, what's really glaring is that Ontario is home to Canada's largest population of cannabis users.However, it's not just Ontario. Provinces like Quebec, Nova Scotia and Manitoba have relatively sizable cannabis user communities -- yet these markets too are grossly inefficient.Nonetheless, any improvement here could do wonders for ACB stock. Can the U.S. Improve Aurora's Chances?Another factor that could play a vital role for Aurora Cannabis is the legalization momentum in the U.S. Although marijuana remains a Schedule I drug, the federal government legalized hemp and hemp derivatives like cannabidiol, or CBD. This suggests that full legalization is becoming more of a reality than a pipe dream.Furthermore, the upcoming 2020 presidential election presents an interesting wrinkle for ACB stock. Primarily, the Democratic party has generally moved toward supporting both marijuana legalization and decriminalization initiatives. Senator Bernie Sanders has gone a step further, indicating that he'll legalize marijuana via executive action if necessary -- and at 4:20pm ET, no less.However, not everyone is quite onboard with such a proposal. For instance, former Vice President Joe Biden has flip-flopped on the legalization question. And if he wins the election, he probably wouldn't be the most supportive of that idea. Plus, President Donald Trump could win another term -- and as such, full legalization would clash with his law-and-order image.Still, a few powerful catalysts are poised to launch ACB stock, that much is for sure. The question is whether they can actually do so, and in quick enough time.As of this writing, Josh Enomoto did not hold a position in any of the aforementioned securities. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 10 Stocks to Buy as the 2020 Presidential Election Approaches * 5 Dividend Stocks With Low Payout Ratios and High Yields * 4 Post-Holiday Retail Stocks Still Worth a Look The post Aurora Cannabis Could Recover in 2020 if the Stars Align appeared first on InvestorPlace.


Salesforce's Acker: Greta Thunberg is a clear example of activated youth

Wed, 01/22/2020 - 16:23

Salesforce Foundation CEO Rob Acker believes youth like Greta Thunberg are being activated over climate issues. He wants to help convert their frustration into becoming a 'citizen scientist.' He joins Yahoo Finance's Alexis Christoforous on The Ticker to discuss at Davos.


6 Guru Stocks Trading Below Peter Lynch Value

Wed, 01/22/2020 - 16:06

Ternium makes the list Continue reading...


Momo Options Bears in Overdrive as Stock Sinks

Wed, 01/22/2020 - 15:51

The Chinese stock is headed toward its fourth straight loss


LinkedIn founder: Top skills employers want in new hires

Wed, 01/22/2020 - 15:43

LinkedIn co-founder Allen Blue names the top soft and hard skills employers are searching for in 2020.


3 CBD Stocks to Benefit From Passage of a CBD Bill

Wed, 01/22/2020 - 15:06

While the U.S. Federal government doesn’t appear any closer to approving cannabis, Congress does appear set to tackle the regulations holding back widescale sales of cannabidiol or CBD. The passage of the 2018 Agriculture Improvement Act (farm bill) legalized hemp production setting the market up for a strong sales ramp, but the U.S Food and Drug Administration squashed the growth opportunity by blocking CBD used as dietary supplements.Hemp contains less than 0.3% of tetrahydrocannabinol (THC), whereas marijuana contains up to 30% of the psychoactive compound. CBD is increasingly presumed to contain properties for wellness and pain management increasing the attractiveness of hemp-infused CBD products. Unfortunately for the market, the FDA continues to question the lack of safety research on CBD products and placed into question the approval of edibles.For this reason, the large proclamations for huge CBD sales have taken a hit. National retailers haven’t stocked edible products due to the potential ire of the FDA causing pure CBD companies to miss sales targets in 2019.The industry has high expectations for substantial sales with the FDA eventually allowing CBD in food and supplements. Combined research from Roth Capital Partners, Brightfield Group and Cowen predicted a CBD market of ~$17 billion with Roth predicting a market potential to achieve sales in the $40 billon range.Last week, Congress appeared to have wide support for H. R. 5587. The bill hopes to remove the FDA stance that CBD needs testing before approval in dietary products due to the item being previously listed as a controlled substance based on the provision in the Federal Food, Drug, and Cosmetic Act. At the same time, some members of Congress appear unwilling to overstep the boundaries of the FDA considering the legitimate concerns of the long-term safety impact of prolonged CBD usage.We’ve delved into three U.S. companies poised to benefit from a Congress willing to direct the FDA to allow the wide use of CBD in food products. Using TipRanks’ Stock Comparison tool, we lined up the three alongside each other to give us an idea of what the Street thinks is in store for the trio in the year ahead.Charlotte's Web Holdings (CWBHF)Charlotte’s Web is the unofficial leader in the CBD space with a market valuation approaching $1 billion after this rally. Despite disappointing Q3 results due to national retailers pulling back from offering hemp-infused edibles, the company still generated $25 million in sales.The stock has soared off the lows near $6 recently to top $9 in a matter of days this week. CWH traded above $25 back in the Summer when the market expected the CBD company to hit 2020 revenue targets reaching $350 million.The company has a lot at stake with whether the FDA approves CBD infused in food and supplements. Management estimated that small independent retailers willing to sell the full scope of their products obtained up to 85% of sales from the items questioned by the FDA.CWH has seen retail doors reach the 10,000 level. Unfortunately, the growth is mainly within the FDM channel unwilling to risk ire with the FDA due to the lack of regulatory clarity on ingestible products.The CBD producer recently raised about $50 million in an equity offering at $10 per share plus warrants exercisable in the future. CWH is best positioned to expand when the FDA no longer stands in the way.All in all, CWH sells for a bargain $8.72, a price that is especially attractive when the upside potential is taken into account. The average price target, $14.11, indicates room for over 60% growth to the upside in this stock. The Strong Buy analyst consensus is based on 6 "buy" and 1 "hold" ratings set in the last two months. (See CWH's price targets and analyst ratings on TipRanks)CV Sciences (CVSI)CV Sciences has a robust retail distribution count at 5,435 stores as of September 30 with plenty of national retailers signed up. As with CWH, the company saw Q3 sales hit by the FDAs view on CBD products while the retail store count topped 5,700 in November.Despite the retail store increase, sales declined in the September quarter to only $12.6 million. The revenue miss pushed CV Sciences into a $1.1 million net loss.The company ended the quarter with a cash balance of $14.4 million and a diluted share count of nearly 116 million shares. CVI Sciences guided to 2019 revenues in the range of $55 million to $57 million suggesting December revenues of only $11.6 million.Analysts expect a ramp to 2020 sales of $75 million, but the target is highly in question considering the FDA restrictions and the competitive market. Last year, analysts were predicting sales of around $120 million in 2020 as an indication of where the growth potential exists without the FDA blocking key food and dietary supplements from the market.Judging from the consensus breakdown, it has been relatively quiet when it comes to analyst activity. Over the last three months, only 3 analysts have reviewed the CBD oil maker. All three are bullish, making the consensus a Strong Buy. On top of this, the $4.00 average price target puts the upside potential at 230%. (See CV Sciences' stock-price forecast and analyst ratings)cbdMD (YCBD)cbdMD is a prime example of a company impacted by the delayed CBD market despite revenue growth. After a bad Q3 report in December, the company was recently forced into selling 16.0 million shares with an over-allotment of 2.4 million shares at $1.00 per share, raising ~$18.4 million before fees. The stock traded above $6 for a couple of months in 2019 so raising funds at this level was very dilutive for shareholders with only ~45 million shares outstanding prior to the offering.For the FQ4 ended September 30, cbdMD reported sales of $9.5 million and a total of $23.7 million for the fiscal year. The company suggests pro-forma sales for the year of $26.8 million as sales slowly ramped during the year with $8.0 million in the prior quarter.While sales increased during the year, gross margins for FQ4 were down to only 56.7% versus 63.0% in the prior quarter. In addition, the company cut back FY20 revenue guidance to between $62 million and $70 million, down from prior guidance of $80 million to $90 million.The problem here is the substantial operating loss from operations. cbdMD had annual gross profits of only $14.5 million with operating expenses up at $28.9 million. The management team forecast reaching positive cash flows by October and this goal is clearly very important considering the recent equity raise.For now, the restrictive FDA and unknown CBD bill outcome makes the stock too risky. cbdMD will greatly benefit from a less restrictive FDA, but investors must wait on this one until the risk is removed with actual passage of a bill.To find good ideas for cannabis stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.


DC AG sues presidential inaugural cmte, alleging abuse of funds

Wed, 01/22/2020 - 15:02

The DC attorney general is suing President Trump’s inaugural committee over allegations of improper use of non-profit funds. Yahoo Finance’s Kristin Myers joins Zack Guzman, Sibile Marcellus and BigEyedWish Founder Ian Wishingrad to discuss on YFi PM.


Boeing CEO expects to resume 737 MAX production before mid-year

Wed, 01/22/2020 - 14:32

WASHINGTON/CHICAGO (Reuters) - Boeing Chief Executive Dave Calhoun told reporters on Wednesday the U.S. planemaker expects to resume 737 MAX production months before its forecasted mid-year return to service and said it did not plan to suspend or cut its dividend. The company announced a production halt in December, when the global grounding of the fast-selling 737 MAX following two deadly crashes in five months looked set to last into mid-2020 -- a timeline pushed back after Boeing endorsed new simulator training for pilots. "I am all in on it and the company is all in on it," Calhoun said, adding Boeing will not launch a marketing campaign to get customers to get back on 737 MAX planes.


Is Xilinx, Inc. (NASDAQ:XLNX) A High Quality Stock To Own?

Wed, 01/22/2020 - 13:54

One of the best investments we can make is in our own knowledge and skill set. With that in mind, this article will...


No alternative to grounded Boeing 737 MAX, Aercap CEO says

Wed, 01/22/2020 - 13:38

There is no alternative to the grounded 737 MAX and it would be "absolutely stupid" for Boeing to launch a replacement before the next wave of technology a decade from now, the head of one of the world's top aircraft lessors said on Wednesday. Aengus Kelly, chief executive of Aercap , which has committed to a fleet of 100 MAX jets, told Reuters in an interview he had spoken to all of the biggest MAX operators in the world and said they still viewed it as a very good plane. Kelly was speaking after Boeing on Tuesday warned of further delays in returning its grounded 737 MAX airliner to service, with the plane not likely to be cleared by U.S. regulators until the middle of the year.


Warren Buffett: Focus on a Company's Future Earnings Potential

Wed, 01/22/2020 - 13:27

Advice from Buffett on paying a high price for stocks Continue reading...


Tesla Surges Past $100 Billion Market Value, Eclipsing VW

Wed, 01/22/2020 - 13:09

(Bloomberg) -- Tesla Inc.’s market value has climbed above Volkswagen AG’s for the first time to more than $100 billion, a threshold that will trigger a huge payout for Elon Musk if he can sustain the feat for months.The electric-car maker’s shares soared as much as 8.6% on Wednesday to a new intraday high of $594.50. At that price, Tesla’s market capitalization was roughly $107.2 billion, exceeding Volkswagen’s $99.4 billion and trailing only Toyota Motor Corp.While Musk’s skeptics are dubious that Tesla should be worth more than a carmaker that sold almost 30 times as many vehicles last year, Volkswagen’s own Herbert Diess isn’t so dismissive. He’s been arguably the most vocal CEO among traditional carmakers to praise Tesla and point to its role in a radical shakeup of the more than century-old auto industry.After saying three months ago that Tesla was no niche manufacturer anymore, Diess told top Volkswagen executives at an internal meeting in Germany last week that connected vehicles will almost double the time consumers spend online, and that cars will “become the most important mobile device.”“If we see that, then we also understand why Tesla is so valuable from the view of analysts,” he said.Diess, 61, is rolling out the industry’s largest electric-car fleet and aims to boost the company’s value to a level rivaling Toyota, whose $232 billion market cap is still more than Tesla and VW’s combined.“Tesla has high innovative strength regarding battery-electric vehicles as well as connectivity, which can partly explain the high market capitalization,” Stefan Bratzel, a researcher at the Center of Automotive Management near Cologne, Germany, said in a report Wednesday. The relatively low valuation of traditional automakers is linked to uncertainty over whether they can navigate the looming industry shift, he said.The jump above $100 billion is about more than just bragging rights for Musk, Tesla’s billionaire chief executive officer. He’s eligible to receive the first tranche of an all-or-nothing pay award if the company’s market value stays above that threshold for a sustained period. On paper, the first chunk of the award would net him about $346 million.Tesla shares have more than doubled since the company reported a surprise third-quarter profit and told investors it was ahead of schedule bringing out its next product, the Model Y crossover, and opening its factory near Shanghai.The stock has room to run as Tesla grows in China, Wedbush analyst Dan Ives wrote in a report Wednesday. He boosted his target price to $550 from $370 while maintaining the equivalent of a hold rating.What Bloomberg Intelligence Says:“Tesla’s tepid 0.3% gain in 2019 domestic unit sales suggests a tapped-out U.S. Sales in China skew the U.S. demand picture, which should become clearer by year-end with the ramp-up in Shanghai output.”\- Kevin Tynan, senior autos analystClick here to read the researchGary Black, who was chief executive of Aegon Asset Management from mid 2016 through September and now holds Tesla as a private investor, said he expects Tesla to earn more than VW by 2025 and believes consensus estimates for vehicle deliveries this year are too low. He expects Musk to forecast at least 550,000 units for 2020 during next week’s earnings webcast and to tout the launch of the Model Y.While at least eight analysts have boosted their price targets by more than $100 since the year began, consensus is still well below where Tesla’s shares are trading. The average target is $363.92 with just 10 analysts rating the stock a buy, compared with 10 holds and 16 sells.(Updates with VW’s EV plans in sixth paragraph.)\--With assistance from Cécile Daurat, Tom Randall and Anders Melin.To contact the reporters on this story: Dana Hull in San Francisco at dhull12@bloomberg.net;Christoph Rauwald in Frankfurt at crauwald@bloomberg.net;Gregory Calderone in New York at gcalderone7@bloomberg.netTo contact the editors responsible for this story: Craig Trudell at ctrudell1@bloomberg.net, ;Anthony Palazzo at apalazzo@bloomberg.net, Cécile DauratFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.


Nokia CEO Suri Sees 5G Market Maturity in 2021

Wed, 01/22/2020 - 13:00

Jan.22 -- Nokia Chief Executive Officer Rajeev Suri discusses the impact of the rollout of 5G wireless technology on the company and the telecom industry. He speaks with Bloomberg’s Haslinda Amin at the World Economic Forum’s annual meeting in Davos, Switzerland on "Bloomberg Markets."


Outlook for REITs in 2020, and 2 Companies Backed by Gurus

Wed, 01/22/2020 - 12:47

The industry will likely continue its growth momentum this year, leading to stellar returns from many REITs Continue reading...


Italy’s Richest Family Gets $714 Million From Nutella Maker

Wed, 01/22/2020 - 12:46

(Bloomberg) -- Life is looking sweet for the Ferrero family.The Italian dynasty behind Nutella is poised to get a 642 million euro ($714 million) dividend from their main holding company, regulatory filings show. The firm reported profit of 928.6 million euros for the fiscal year ended in August, up more than a quarter from the previous 12 months.Payouts of this magnitude have helped make the Ferreros the world’s 25th richest family, according to the Bloomberg Billionaires Index. The wealth of multibillionaire families such as the Waltons, Kochs and Wertheimers has soared over the past decade. During that period, the Ferreros have approved dividends totaling more than 2 billion euros.Profits at the the Ferrero family’s operating company have almost doubled since 2008. The firm has embarked on a spending spree to boost its U.S. presence and broaden its product range. Ferrero acquired Nestle SA’s U.S. candy business for $2.8 billion in 2018 and completed a $1.3 billion deal last year for Kellogg Co.’s cookies and fruit snack brands, including Keebler and Famous Amos.The Ferreros manage their money through Monaco-based family office Fedesa, which invests in equities, credit, private equity, venture capital and hedge funds, according to employees’ LinkedIn profiles. Fedesa also has a Singapore branch. In addition, the family has an investment firm in Luxembourg, Teseo Capital, which deals in alternative assets and agribusiness.The Ferrero fortune can be traced to a family pastry shop in northern Italy that used hazelnuts as a way to stretch limited cocoa supplies. It grew into a confectionery firm, opening production facilities and offices abroad after World War II. The company introduced the Nutella and Kinder Chocolate brands in the 1960s and then expanded with products including Tic Tac mints and Ferrero Rocher.The business is now valued at $32.4 billion by the Bloomberg index. Family members own it, though the size of individual stakes remains unclear.Giovanni Ferrero -- grandson of founder Pietro -- owns a controlling stake in the holding company, where he is executive chairman. The 55-year-old spent his youth in Belgium and enjoys writing in his spare time, penning books on business and Africa, according to the National Italian American Foundation.A 2017 filing for Fedesa, the Monaco family office, lists the three children of Giovanni’s brother, Pietro Jr., who died in 2011 while riding a bicycle in South Africa.Claudia Millo, a spokeswoman for the Ferreros, didn’t respond to an email seeking comment.(Updates with details of Ferrero family office in fifth paragraph.)To contact the reporter on this story: Ben Stupples in London at bstupples@bloomberg.netTo contact the editors responsible for this story: Pierre Paulden at ppaulden@bloomberg.net, Steven CrabillFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.


 
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